MBW’s Stat Of The Week is a series in which we highlight a single data point that deserves the attention of the global music industry. Stats for the week powered by Music group Cinqa technology-based rights management, distribution and record label company.
The recorded music market in the US grew in the first half of 2022 – but only half as fast as in the first half of 2021.
On a retail basis, recorded music revenue in the United States (money spent on streaming subscriptions, as well as physical and digital music), increased $700 million annually arrive 7.7 billion dollars in the first half of this year (up from 7 billion dollars in the first 6 months of 2021).
Back in the first half of 2021, on a retail basis, US recorded music sales increased $1.4 billion annually arrive 7 billion dollars (see below).
In other words, the music growth recorded in the middle of the year has seen H1 2022 has been cut in half compared to the first half of 2021.
It’s the same story for mid-year wholesale (commercial) revenue: It hit $4.9 billion in the first half of 2022, up $300 million YoY; in the first half of 2021, the equivalent figure ($4.6 billion) has increased by $600 million year-on-year.
These new statistics were released by the Recording Industry Association of America (RIAA) today (September 21) in the Mid-2022 Music Industry Revenues. Report.
The main reason for the slower growth of the overall music market in the first 6 months of 2022 is due to the slower speed of music streaming.
Including paid subscription services, ad-supported services, digital and custom radio, streaming grew by 10%, from 5.9 billion USD in the first half of 2021 to 6.5 billion dollars in the first half of 2022.
That represents growth over the same period last year, in terms of revenue, of 600 million dollars.
However, during the previous year period (first 6 months of 2021), US Mid-Year Streaming revenue increased, in terms of revenue, by 1.2 billion dollars YoY coming 5.9 billion dollars.
Streaming Music’s share of the industry’s total retail sales was virtually unchanged in the first half of 2022, at 84%.
A deeper dive into the RIAA mid-year data shows that paid subscriptions were the biggest driver of music revenue in the first half of 2022, growing 10% year-over-year to $5.0 billion.
According to the RIAA, this total includes $525 million in revenue from “Limited Tier” premium subscriptions (for services limited by factors such as mobile access, catalog availability, on-demand limitations, or device limitations) bag). Services such as Amazon Excellent, Pandora Additionally, music licenses for digital fitness apps and other subscriptions are also included in this category.
RIAA reported that the average number of paid subscriptions for on-demand music streaming services in the first half of 2022 hit a record 90 million, up 10% from 82 million in the first half of 2021. (Numbers This counts multi-user plans as a single subscription and excludes limited-level service.)
Revenue from ad-supported on-demand streaming music (from services like YouTubead-supported version of Spotify, Facebook and TikTok) grew 16% YoY in revenue for the first 6 months of 2022 to 871 million dollars.
The RIAA reports that “this growth outweighs the strong portfolio recovery experienced in 2021 over the comparable period impacted by Covid-19 the year before.”
The RIAA also reported that “after significant growth in 2021 compared to the Covid-19 outages affected the previous year,” vinyl records continued to increase in the first half of 2022.
Sales from vinyl albums increase 22% arrive $570 millionand vinyl’s share of the physical market increased from 68% to seventy three%.
CD sales down 2% 200 million dollarsand accounted for 26% of physical sales.
Commenting on the statistics published in the RIAA mid-year report, RIAA CEO Mitch Glazier said: “Today, we are pleased to announce strong music sales figures released today. US record of $7.7 billion in the first half of 2022.
“Those results reflect the incredible creative and commercial partnerships that artists and labels forged that have made for another hugely successful half year. Online revenue from paid subscriptions, ad-supported services, and other formats grew 10% to $6.5 billion during the period.
“And the number of paid subscriptions reached 90 million for the first time. Streaming’s long-term success reflects the power of the modern music economy and the value consumers have found in music subscriptions as well as the tireless work of brands in develop additional revenue streams and sources including ad-supported options on short-form video and social media platforms as well as fitness apps and video and soundtrack placements. “
“Today’s report is good news for artists, musicians, streaming services and fans – all who have a stake in the future of music.”
Mitch Glazier, RIAA
He continued: “Today’s report is good news for artists, musicians, streaming services and fans – all who have a stake in the future of music. We are truly seeing the rising tide of recorded music lifting all the boats in the music family.
“We are proud of the creative and commercial achievements that are reflected in the strong results reported today. But to achieve real success, we had to go beyond the balance sheet and work to uplift the fundamental values of the music community.”
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